After eleven months of exhaustive analysis, The national Markets and Competition Commission (CNMC) has authorized the merger between BBVA and Banco Sabadell. This union, which will position the new entity as the second largest in the country by volume of credit – only surpassed by Caixabank – is approved with a battery of unprecedented commitments in the Spanish financial sector. The conditions imposed seek to safeguard financial inclusion, territorial cohesion and access to credit for SMEs and freelancers, especially in areas with lower banking competition.
Among the most relevant commitments, the Prohibition of closing offices in municipalities with less than 5,000 inhabitants or in those where there are less than three competitors, as well as in areas with per capita income less than 10,000 euros. The new entity Nor can branches close if there is no other from BBVA or Sabadell less than 300 meters, thus guaranteeing the continuity of the physical banking service in vulnerable areas. In addition, all offices specialized in Banco Sabadell are preserved throughout the national territory.
The protection of private clients, SMEs and autonomous is also manifested in the maintenance of existing commercial conditions in those postal codes where competition is scarce. It also establishes a limit for the
prices of new credits in these areas, which may not exceed the national average according to the client’s risk profile.
BBVA undertakes to maintain for at least three years-proceeding to five if the CNMC considers it-the credit lines, circulating and import-export that the SMEs and self-employed of Sabadell have contracted. In Autonomous Communities with a high credit concentration such as Catalonia and Balearic Islands, the maintenance of the volume of financing for those SMEs whose joint quota in both entities is 50%is ensured. The
operation also contemplates measures aimed at vulnerable clients, who can access an
account without opening, maintenance or administration, with
free debit
card and unlimited digital transfers. In terms of ATMs, the entity will maintain operations those located in areas with a single competitor or without any, and will facilitate the Cash Correos service in municipalities where the closure of offices could affect the availability of cash.
BBVA’s commitment extends to the maintenance of acquirence conditions for SMEs and self -employed, and the divestment in participations in payments such as Redsys, Bizum or SERVARED,
when they exceed the established legal limits.
Carlos Torres Vila, president of BBVAhas defended merger as a commitment to growth that will
increase financing to companies and families by 5,000 million euros per year. He stressed that assumed commitments seek to strengthen financial inclusion, protect business fabric and guarantee competition, especially in regions where the entity will have a greater presence.
